June 9, 2023 - Employment & Business News

Job security: 6 industries that will never go extinct

Posted on June 9, 2023 - 12:01 pm by Kris Paterson

sign saying job loss to the right, job security to the left

The jobs market is ever-changing and workers now face the prospect of technological advancements and economic shifts causing uncertainty.

As a result, job security has become a top concern for professionals.

While no industry is entirely immune to change, there are certain sectors that have proven their resilience and adaptability over time.

In this article, we explore several industries known for their stability and low risk of becoming obsolete.

If you’re seeking long-term job security, consider these fields that have stood the test of time.

Healthcare

The healthcare industry is an essential pillar of society that continues to grow and evolve.

With an ageing population and advancements in medical technology, the demand for healthcare professionals remains consistently high.

Careers in nursing, physician assistants, medical technicians, and healthcare administration offer promising paths with long-term stability.

Technology

The world’s increasing reliance on technology ensures its enduring presence.

From software development to cybersecurity, the technology sector is in a constant state of evolution, creating new job opportunities.

Professionals skilled in programming, artificial intelligence, data analysis, and digital marketing will remain in high demand as automation becomes more prevalent.

Education

The need for education is perpetual, making the education sector one that is unlikely to disappear.

Teachers, professors, administrators, and educational support staff play vital roles in shaping the next generation.

With the ongoing pursuit of knowledge and skill development, careers in education offer stability and job security.

Energy

The energy sector is an indispensable part of modern life.

As the world strives for sustainable practices, renewable energy sources gain prominence. Careers in renewable energy, such as solar and wind power, are projected to grow significantly.

Additionally, traditional energy sectors like oil and gas still require skilled professionals for extraction, distribution, and management.

Finance and Accounting

Financial stability and management are crucial in both the personal and business realms. As long as economic systems exist, there will be a demand for financial professionals.

Careers in accounting, financial analysis, investment banking, and risk management offer stability and the opportunity for growth.

Government and Public Services

Government and public service sectors are responsible for governance, infrastructure, and societal welfare. Jobs in civil service, law enforcement, public administration, and policy-making provide stable employment with opportunities for career advancement.

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While no career is entirely immune to change, certain industries have demonstrated their ability to withstand economic fluctuations and technological advancements.

Healthcare, technology, education, energy, finance and accounting, and government and public services are among the sectors that offer long-term job security.

By considering careers in these stable industries, professionals can navigate the job market with increased confidence, knowing they are part of fields that are likely to remain indispensable for years to come.

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Vegan Shack plans UK expansion and launches fundraising drive

Posted on June 9, 2023 - 8:58 am by Nagasunder

Vegan Shack is embarking on a major fundraising campaign to raise £400,000 and expand its presence across the UK.

The company, which initially started in a one-bedroom apartment in Salford Quays in early 2020, currently operates two locations in Manchester and London.

With a current valuation exceeding £1 million, Vegan Shack has already secured over £162,000 through its Crowdcube campaign, attracting support from more than 70 investors.

The crowdfunding campaign aims to reach a target of £180,000, with the overall goal of raising £400,000 within the next six months.

Founded by Dimeji Sadiq and Saffron Mir, Vegan Shack opened its first outlet in Collyhurst, followed by a second eatery in Piccadilly Gardens in June 2021.

In a message to investors on the Crowdcube platform, Mr. Sadiq expressed the company’s focus on establishing their own stores while also considering future franchising opportunities.

The priority, however, lies in building a strong brand, and ensuring smooth operations and profitability before exploring franchising options.

The expansion plans involve initially targeting major UK cities with walk-in stores, potentially incorporating dark kitchens as well.

Additionally, Vegan Shack has plans for a food truck to participate in events and festivals.

Regarding future funding, Mr. Sadiq said the business has been able to open stores at a relatively low cost, achieving profitability in the first quarter (£21,000).

Therefore, there is no immediate need for funding to sustain the business.

However, as expansion progresses, they may seek additional funding to accelerate growth, consider larger or more central locations, and increase the pace of expansion.

While the company has been self-financed by its co-founders thus far, they received a £5,000 grant as winners of the Uber Eats Black Business Award in 2022.

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Mr. Sadiq previously played a role in Hot!Mess Clothing’s founding team, while his business partner has experience in retail sales.

In a message to investors on the company’s Crowdcube page, Mr Sadiq said: “The next phase of our growth is focussed on running our own stores but we wouldn’t be against exploring franchising opportunities in the future.

“Our belief though is that it is better to properly establish a brand and make sure new stores can be opened smoothly and brought to profitability quickly before looking at franchising.

‘Therefore we’re looking at initially expanding to major UK cities predominantly via walk in stores though we may have some dark kitchens also.

“We also have plans for a food truck to be able to pop up for events and festivals.”

In a message to investors, the co-founders expressed their pride in what they have achieved independently and with limited resources but acknowledged with investment, they can accomplish much more.

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Amazon workers in Coventry pull union recognition request

Posted on June 9, 2023 - 8:43 am by Nagasunder

Amazon workers in Coventry have decided to withdraw their bid for formal union recognition and have accused the tech giant of engaging in underhanded tactics.

The request was made to the independent central arbitration committee (CAC) last month following a series of strikes over pay disagreements at the warehouse.

If successful, this would have marked the first instance of workers at an Amazon site in the UK achieving trade union recognition.

The GMB union’s membership had risen to 800, which it believed represented over half of the warehouse staff—meeting the typical threshold for statutory union recognition in a workplace.

However, Amazon countered the claim by stating it had 2,700 employees in the warehouse.

The company was accused of “flooding” the facility with approximately 1,000 new workers since the strike action commenced.

The GMB senior organizer, Stuart Richards, claimed the influx of employees seemed to be a direct response to the union’s growing membership approaching the threshold for recognition.

He said: “GMB believes this was purely in response to GMB membership growing so close to the threshold for statutory union recognition.

“GMB has expressed serious concerns to the CAC both about the accuracy of the information Amazon has given to the committee – and what we believe are immoral anti-union tactics.

“While we have no alternative but to withdraw the application for statutory recognition, but we’re not going away.

“GMB members at Amazon are not giving up the fight for a wage they can live off and they won’t give up the fight for union recognition.”

Richards further expressed concerns about the accuracy of the information provided by Amazon to the CAC, as well as what the union sees as unethical anti-union tactics.

While the GMB is compelled to withdraw the application for statutory recognition, it affirms its commitment to continue fighting for fair wages and union recognition on behalf of its members at Amazon.

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In March, Amazon implemented a pay increase of 50p per hour, raising the minimum pay for warehouse workers to £11.

However, striking employees considered this raise as “insulting.” The strikes by warehouse staff in Coventry began in January, with GMB members in the West Midlands demanding a minimum wage of at least £15 per hour to cope with the ongoing cost of living crisis.

Additional strike actions at the Coventry warehouse are scheduled to take place on June 12th, 13th, and 14th.

South Wales and Western England aim to lead the world in hydrogen creating 40,000 new jobs

Posted on June 9, 2023 - 8:33 am by Nagasunder

A conference held in Newport organized by the Western Gateway Partnership highlights the potential for South Wales and Western England to become global leaders in net zero technology.

The focus is on investment in hydrogen infrastructure and innovation, with the potential to generate and protect 100,000 jobs.

The conference discusses various opportunities, including the decarbonization of the aviation sector through the development of hydrogen-powered aircraft and the establishment of a hydrogen infrastructure and storage network to help industries reduce emissions, including Tata’s steelmaking plant in Port Talbot.

The Western Gateway Partnership comprises city regions, local authorities, businesses, and universities on both sides of the border, covering a population of 4.4 million.

While it does not have statutory power status, its report on the hydrogen delivery pathway up to 2050 identifies potential opportunities, including decisions from the UK Government in 2021 and 2026 that could transition the country’s gas network entirely to hydrogen.

According to the report, investing in hydrogen infrastructure on both sides of the border, coupled with large-scale industry adoption, could create up to 40,000 new jobs directly and indirectly, while also safeguarding an additional 60,000 existing jobs.

This transition is estimated to save between 16,000 and 21,000 kilotonnes of greenhouse gas emissions by 2050.

The report recognizes the area’s reputation as a hub for aviation engineering, being home to 14 of the world’s 15 largest aerospace manufacturers, including Airbus, which is already at the forefront of hydrogen aircraft design.

It also identifies the potential for the Welsh Government’s Global Centre of Rail Excellence scheme, located north of Port Talbot, to serve as a testing and development site for hydrogen-powered trains.

The project is currently assessing interest from private sector investors.

In terms of required capital investment, the report suggests between £8 billion and £62 billion is needed, depending on the scale of adoption, to meet the existing demand for low-carbon hydrogen by large industries.

While hydrogen alone may not be the complete solution to achieving net zero, the Western Gateway Partnership emphasizes the need for it to be a part of the solution.

Moving forward, the partnership plans to collaborate with stakeholders and work towards a delivery plan, aiming to present a unified voice to the UK and Welsh governments in order to establish the necessary policy framework and financial instruments to attract investment.

Katherine Bennett, chair of the Western Gateway, said: “Our area has huge potential to deliver opportunities for the rest of the UK. Using our combined strengths and skills, our leaders and businesses are ready to provide huge economic opportunity for both countries finding world-saving solutions for some of the toughest decarbonisation problems as the UK’s green energy powerhouse.

Our delivery pathway is just the beginning and I look forward to working across business and the public sector to bring these opportunities to life.”

Chris Skidmore MP, chair of the UK Net Zero Review, who will speak at today’s conference, said: “Last year the UK Government confirmed that Hydrogen is a key part of its plans to reach Net Zero, with aims to increase production to 10GW by 2030 and the announcement of a new national hydrogen champion. The Western Gateway has nationally significant strengths in hydrogen, from the South Wales Industrial Cluster to the hydrogen hub in Swindon, and I’m delighted to support their work to power the UK’s Net Zero economy.”

The conference, held in collaboration with Hydrogen South West, the South Wales Industrial Cluster, and the GW4 Alliance, also explores renewable energy projects in the Severn Estuary, including the potential for a Severn Barrage that could generate up to 10 percent of the UK’s electricity needs.

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Attendees include representatives from government, industry, and academia, who will address the conference and discuss strategies for realizing the region’s potential in the hydrogen sector.

Mark Zuckerberg presents ambitious plans to Meta employees

Posted on June 9, 2023 - 8:13 am by Nithya Bose

Meta CEO Mark Zuckerberg addressed employees in an all-hands meeting to outline the company’s plans for the future.

He aimed to rally staff after a turbulent period, including layoffs and struggles with virtual reality initiatives.

Zuckerberg explained the layoffs were necessary to build a better technology company and ship products faster.

He also presented a vision for integrating artificial intelligence (AI) with Meta’s plans for the metaverse, their concept of a virtual reality world.

During the meeting, other executives discussed specific initiatives.

Chris Cox, chief product officer, highlighted plans to improve Reels, Instagram’s short-form video product, to better compete with TikTok.

They also discussed Project 92, a rumored social app similar to Twitter, and its integration with other apps like Mastodon and Bluesky.

Zuckerberg emphasized the firm’s commitment to AI and revealed plans for AI assistants across Meta’s apps, including WhatsApp, Messenger, and Instagram.

He envisioned AI assistants to help users express themselves better and provide personalized advice.

Meta aims to democratize access to AI and create diverse AI models cater to different interests.

The company is heavily investing in open-source technology to enable collaboration and outside scrutiny of its AI systems.

While Meta’s approach has faced criticism, Zuckerberg defended it, saying working closely with outsiders would improve its platforms.

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Zuckerberg noted generative AI technology could help users build virtual world items and experiences.

He also hinted at integrating the AI assistant into future versions of their smart glasses.

In his remarks, Zuckerberg took a swipe at Apple’s Vision Pro headset, highlighting Meta’s focus on social interaction compared to Apple’s individual-focused demonstrations.

He said: “I was really curious to see what they’d ship, and it’s a good sign for our own development that they don’t have any magical solutions to the laws of physics that we haven’t already explored.”

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Jack Daniels wins Supreme Court battle with Bad Spaniels over trademark

Posted on June 9, 2023 - 7:05 am by Nithya Bose

Jack Daniel’s has won a trademark dispute over Bad Spaniels, a chewy dog toy maker which mimicked the appearance of the famous liquor brand’s packaging.

The Supreme Court’s ruling is a blow to VIP Products LLC, the maker of the “Bad Spaniels” toy that features poop jokes instead of Jack Daniel’s original labeling.

The case examined the boundaries of trademark rights and First Amendment claims.

A federal appeals court had previously declared Jack Daniel’s couldn’t protect its trademarks against VIP Products, asserting the toy was an expressive work deserving free-speech protection.

But Justice Elena Kagan, authoring the court’s opinion, described the ruling as “narrow.”

The Supreme Court overturned the lower court’s decision that deemed the chew toy as an expressive work safeguarded by the First Amendment.

The court also determined the Rogers test, which permits trademark use in expressive works if artistically relevant, didn’t apply in this case.

The case will now return to the lower courts, providing Jack Daniel’s another opportunity to pursue its claims against VIP Products.

The focus will shift to whether consumers will likely be confused regarding the product’s association with Jack Daniel’s.

Kagan said: “The only question in this suit going forward is whether the Bad Spaniels marks are likely to cause confusion.”

She noted confusion over the source of a product is a core concern in trademark law, as it directly opposes the law’s goals of facilitating consumer choice and safeguarding producers’ reputations.

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Jack Daniel’s argued under the U.S. Lanham Act, trademark owners are entitled to protection against goods that may confuse consumers, without exceptions for expressive works.

The Biden administration supported Jack Daniel’s position.

This decision could make it easier for trademark holders to take legal action against companies that parody their trademarks on commercial products.

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UPS workers to strike over pay and benefits

Posted on June 9, 2023 - 6:00 am by Nithya Bose

UPS workers are demanding significant changes as their union negotiates a new contract.

The contracts are due to expire on July 3 and are the largest private-sector labor contract in the US.

The workers will vote to authorize a strike if a new agreement is not reached by August 1.

If the strike was to happen, it would be the largest work stoppage in US history and could potentially affect millions of American households.

With its 340,000 employees, UPS is heavily represented by the International Brotherhood of Teamsters, which covers more than half of the workforce.

Negotiations between UPS and the Teamsters began in April.

While the company claims to have reached agreements on several major issues, both sides are still bargaining over pay hikes, benefits, and working conditions.

The union has made several demands, including a significant pay raise for part-time workers to $25 per hour, eliminating two-tier wages for package-car drivers, and stopping forced overtime.

They have also asked for equal pension payouts nationwide, removing driver-facing cameras, additional holidays, and halting subcontracting and using gig workers.

A potential strike could cost UPS approximately $3.2 billion if it were to last for two weeks.

The vote results will be announced on June 16, and if the demands of the Teamsters are not met, picket lines will be established on August 1.

The contract expiration deadline has also spurred other workers across various industries to demand better conditions and compensation through collective action.

Successful union elections at companies like Starbucks and Trader Joe’s and walkouts at Amazon and Hollywood demonstrate the growing momentum among American workers fighting for dignity and fair treatment.

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Despite being known for secure union jobs in the past, UPS now employs most part-time workforce earning close to the minimum wage in many areas.

Additionally, drivers in certain locations are subjected to six-day workweeks and forced overtime, with shifts lasting up to fourteen hours.

As the negotiations continue and the contract deadline approaches, the outcome will have significant implications for UPS and its employees and the broader landscape of labor rights in the US.

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Byju’s to conduct more job cuts due to financial challenges

Posted on June 9, 2023 - 5:17 am by Nithya Bose

Edtech start-up Byju’s is reportedly planning to initiate another round of layoffs in an effort to reduce costs.

This fresh cost-cutting drive is expected to impact many employees, adding to the significant number affected by previous layoffs.

The latest wave is expected to affect contractual staff working on on-ground sales teams.

These employees are mainly sourced through third-party staffing agencies such as Randstad and Channelplay.

The decision to hire or release contractual workers is based on seasonal fluctuations and the demand for the company’s services.

It is estimated that approximately 1,000 people could be affected by this round of cuts.

Before this, Byju’s had implemented several workforce reductions to streamline operations and mitigate costs amidst a challenging economic environment.

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The company’s decision to save expenses comes when it has also encountered financial difficulties, including the recent omission of a quarterly interest payment of around $40 million.

This payment was associated with a $1.2 billion term loan, which is currently a subject of litigation.

The Economic Times quoted a source: “It is no surprise that BYJU’s is looking to cut costs now, especially when growth has completely stalled, and the focus for them is on building a hybrid play with (test-prep subsidiary) Aakash.

“It seems like a hybrid strategy is one of the last straws left for online edtech as it gets harder to sell online courses.”

The great resignation: 7 jobs worth quitting your day job for

Posted on June 9, 2023 - 5:01 am by Kris Paterson

calender with it saying quit job on the 6th

Amidst the current wave of job resignations, many professionals are seeking new opportunities that offer more fulfilment, flexibility, and purpose.

If you find yourself contemplating a change, here are seven jobs that are worth quitting your day job for.

Entrepreneurship

Starting your own business can be an exhilarating and rewarding journey. It allows you to pursue your unique ideas, build your own brand, and have complete control over your professional destiny.

While entrepreneurship comes with its challenges, the potential for personal and financial growth can make it a worthwhile leap.

Creative Arts

If you have a passion for the arts, consider pursuing a career in writing, photography, painting, or music.

Whether you become a freelance writer, open your own art studio, or start a band, the creative arts offer an opportunity to express yourself, follow your passion, and create something truly unique.

Nonprofit and Social Services

Working for a cause you believe in can provide a sense of purpose and fulfilment that may be lacking in traditional corporate environments.

Consider moving into the nonprofit or social services sector, where you can make a positive impact on society.

Whether it’s working for an environmental organization, advocating for social justice, or supporting underserved communities, these roles allow you to make a difference while earning a living.

Sustainable and Green Careers

With the increasing focus on environmental sustainability, careers in green industries have become more appealing. From renewable energy to sustainable agriculture, there are numerous opportunities to work towards a greener future.

These careers not only align with personal values but also contribute to addressing global challenges.

Digital Nomad

If you crave freedom and flexibility in your work, consider becoming a digital nomad.

This lifestyle allows you to work remotely while travelling and exploring different parts of the world.

Whether you choose freelancing, consulting, or running an online business, the digital nomad lifestyle offers a blend of work and adventure.

Personal Coaching and Wellness

If you have a passion for helping others and promoting well-being, a career in personal coaching or wellness might be a great fit.

Whether it’s life coaching, fitness training, nutritional counselling, or mindfulness coaching, these roles allow you to positively impact people’s lives and help them achieve their goals.

Education and Training

If you enjoy sharing knowledge and facilitating learning, consider a career in education and training. Becoming a teacher, instructor, or corporate trainer allows you to inspire and educate others.

With the opportunity to specialize in various subjects and industries, you can find a niche that aligns with your interests and expertise.

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Remember, transitioning into a new career path requires careful planning, research, and preparation. It’s important to assess your skills, interests, and long-term goals before making any decisions. However, with the right mindset and dedication, pursuing a job that truly fulfils you can lead to a more rewarding and satisfying professional journey.

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RBI allows fintechs to guarantee loans with strict norms

Posted on June 9, 2023 - 4:43 am by Nagasunder

In a bid to regulate digital lending practices, the Reserve Bank of India (RBI) has issued new guidelines permitting the utilization of first loss default guarantee (FLDG) arrangements, albeit with stringent conditions.

Previously, the RBI took action against FLDG lending models where fintech companies assumed the default risk by providing a guarantee to the lender for loans extended by finance companies or banks.

According to the latest RBI guidelines, the guarantee provided must take the form of a cash deposit, fixed deposit with a lien, or a bank guarantee favoring the lender.

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Furthermore, entities regulated by the RBI can only engage in default loss guarantee agreements with lending service providers or other regulated entities with whom they have established an outsourcing agreement.

These guidelines are applicable to various entities including commercial banks, small finance banks, co-operative banks, non-banking financial companies (including housing finance companies), and lending service providers (LSPs).

The FLDG arrangements must strictly adhere to specific criteria outlined in the circular and should not be classified as synthetic securitization or loan participation.

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The circular comprehensively covers various aspects such as eligibility, structure, forms, caps, recognition of non-performing assets (NPAs), regulatory capital treatment, invocation, tenor, disclosure requirements, due diligence, and customer protection measures.

Suresh Ganapathy, an analyst with Macquarie, said, “On first reading, it is onerous for fintechs as well as REs (regulated entities) who will enter into FLDGs. There is already a 5% cap, and NPA recognition is tighter for REs. My view is that this isn’t going to take off in a big way.